Some key players of the global home security solutions market are Vivint Inc., Assa Abloy AB, Tyco International Ltd., Honeywell International Ltd., ADT Corporation, Frontpoint Security Solutions, SimpliSafe, Inc., Protect America, HikVision Digital Technology Co. Ltd., Axis Communications AB. These companies together account for a major share of the global market for home security solutions. These companies are now focusing on the adoption of latest technologies and implementing tactical and effective business strategies to widen their consumer base and geographical presence. They are also focusing on providing tailor-made home security solutions.
In 2014, the revenue of the global market for home security solutions stood at US$8339.2 mn and the same is projected to grow to US$30,293.0 mn by 2022. The market is anticipated to exihibit a double digit CAGR of 18.0 % during the forecast period.
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The market for home security solutions market has been geographically segmented into Middle East and Africa, Latin America, Asia Pacific, Europe, and North America.
North America is estimated to account for most of the share of the global market for home security solutions. The region accounted for a 37.3% of the total market share in 2014 and is anticipated to be the fastest growing one with a CAGR of 18.4% during the forecast period.
Factors that are driving the North American market are retrieval of construction activities, especially the residential ones, renovation and betterment of residential infrastructure. Smart cards voice transmission, asset tracking system, and biometrics are mostly driving the home security solutions market in the residential segment. The demand is further bolstered by the increasing concern over anti-social, criminal and terrorist activities in North America. Furthermore, emergence of new concepts like integration of security and home automation, service bundling and intelligent building are also reported to contributing towards this flourishing market for home security solutions.
However, in years to come, Middle East and Africa, Latin America and Asia Pacific are also estimated to be contributing significantly towards this market. Increased need and construction of intelligent buildings and security concerns are expected to augment the demand for home security solutions in these regions.
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Home security solutions offer a wide array of services that benefit its consumers in many ways. However, high installation cost and its maintenance is placing the technology out of reach for many. As such, growth of the market is expected to be restrained by such a factor.
Apart from high cost, low rate of IT literacy, particularly in the under-developed nations and older age people are also marring its growth. Lack of IT knowledge is will make it difficult for the owner to operate the home security solutions system.
Nevertheless, home security solutions are coming with cost-effective solutions to not only widen its consumer base but also enabling everyone to avail the services of home security solutions